Cityvarasto (CITYVA) Q1 2026 earnings summary

Executive summary

• Revenue grew by 19.7% year-over-year in Q1 2026 to €7.16 million, with strong contributions from both real estate and ancillary services.

• Adjusted EBITDA increased by 1.6% to €2.18 million, reflecting revenue growth but also higher costs from listing, marketing, energy, and bonuses, with margin declining to 30.4% from 35.8%.

• Expansion continued with a new facility in Järvenpää, significant expansions in Jyväskylä and Lahti, and the acquisition of Ja-Ki Muutto's moving services.

• Profit for the period fell 31.4% to €370 thousand, impacted by increased costs and negative fair value changes in investment properties.

• Two new properties were acquired in Turku and Oulu after the quarter, supporting future growth.

Financial highlights

• Q1 2026 revenue: €7.16M (+19.7% YoY); adjusted EBITDA: €2.18M (+1.6% YoY); adjusted EBITDA margin: 30.4% (down from 35.8%).

• Operating profit: €1.04M (-21.7% YoY); result for the period: €370K (-31.4% YoY).

• NAV per share: €23.42 (+3.0% YoY); equity ratio: 64.2% (up from 60.4%).

• Net debt (excl. IFRS 16): €33.5M (down from €44.9M YoY); LTV: 20.7% (down from 23.8%).

• Adjusted operative EPS: €0.10 (-15.9% YoY).

Outlook and guidance

• 2026 revenue expected at €29.9–31.2M (+10–15% YoY); adjusted EBITDA expected at €12.7–13.9M (+5–15% YoY).

• Real estate revenue growth to remain stable; ancillary services growth to moderate.

• Growth investments and acquisitions to support long-term profitability, though temporary margin pressure is expected in 2026.

• Dividend of €0.11/share for 2025, marking 11 consecutive years of increases.

• Guidance assumes no significant changes in the operating environment.